Offshore Tax: Tax Saving Tactics for Non-Doms

Tax Saving Tactics for Non-Doms by Lee Hadnum LLB ACA CTA

PUBLICATION DATE: APRIL 2011
PAGES: 162
ISBN: 9781907302381

Overview of Tax Saving Tactics for Non-Doms

This brand new tax saving guide explains the new rules for non-doms in plain English. It also reveals exactly how you can use your special status to save thousands of pounds in income tax, capital gains tax and inheritance tax.

The latest edition has just been published (April 2011) and is completely up to date.

The new tax rules contain several important exemptions and concessions that allow non-domiciled individuals to keep money offshore and tax free or make tax-free remittances.

Combined with other UK tax loopholes, non-doms and their families can still hold large overseas bank deposits, share and property portfolios and holiday homes and pay very little or no UK tax.

What information is contained in Tax Saving Tactics for Non-Doms?

Tax Saving Tactics for Non-Doms is absolutely essential reading for all non-domiciled people living in the UK. Subjects covered include:

• All changes from the 2011 Budget.
• How to structure a 100% tax-free overseas investment portfolio.
• How to escape the £30,000 charge by gifting assets to your children.
• How every non-dom couple can save an extra £1,599.20 tax every year.
• How a couple with £80,000 in overseas bank accounts can completely avoid UK tax.
• How a non-dom with £200,000 invested in bank accounts, shares and property can also escape UK tax &nbspaltogether.
• How to enjoy a tax-free holiday home in the sun… including one couple with a £150,000 profit who will pay no capital gains tax.
• Why offshore bonds can help you avoid UK tax..… plus traps to watch out for.
• How married non-doms should split their assets to save more tax.
• Detailed analysis of when you should and shouldn’t claim the remittance basis.
• A list of remittance loopholes that have now been closed.
• When you can use debit and credit cards to avoid the remittance rules.
• New loopholes that allow you to save thousands in tax, including the exemption for clothing, jewellery and &nbspexpensive watches.
• The exemption that lets you save £400 tax when you spend £1,000 abroad.
• What you do and do not have to disclose to the taxman.
• Everything you need to know about the new £30,000 tax charge.
• How to enjoy a tax-free overseas pension when you retire.
• How non-dom employees are treated under the new rules.
• How non-doms can use offshore trusts to save tax.
• The tax saving benefits of offshore companies.
• How to convince the taxman that you and your children are non-domiciled.
• When it pays to become UK domiciled.
• How the £55,000 inheritance tax exemption for non-doms works.
• Why tax changes from 2011 may make claiming the remittance basis more attractive.
• List of non-dom FAQs and answers.

About the Author of Tax Saving Tactics for Non-Doms

The Author of Tax Saving Tactics for Non-Doms is Lee Hadnum LLB ACA CTA. Lee is a rarity among tax advisers having both legal and chartered accountant qualifications. After qualifying a prize winner in the Institute of Chartered Accountants exams, he also went on to become a chartered tax adviser (CTA). Having worked in Ernst & Young’s tax department for several years Lee now has his own tax consultancy. He is author of a number of our tax guides and provides personalised advice through our popular Question & Answer Service.

Contents of Tax Saving Tactics for Non-Doms

Chapter 1 Introduction

Chapter 2 What is Domicile?

Chapter 3 Summary of Non-Dom Tax Benefits

Chapter 4 The Main Tax Changes

Chapter 5 Completing Your Tax Return

Chapter 6 How the £30,000 Charge Works in Practice

Chapter 7 Who Should Claim the Remittance Basis?

Chapter 8 Remittance Loopholes Closed

Chapter 9 Tax-free Remittances

Chapter 10 Remitting Income from Previous Years

Chapter 11 Making Gifts to Save Tax

Chapter 12 Non-Dom Investment Strategies

Chapter 13 Becoming Non Resident to Avoid UK Tax

Chapter 14 The Tax Benefits of Being UK Domiciled

Chapter 15 Non-Dom Salaries

Chapter 16 Tax Benefits of Offshore Trusts

Chapter 17 Tax Benefits of Offshore Companies

Chapter 18 Foreign Currency Bank Accounts

Chapter 19 Leaving the UK to Avoid Inheritance Tax

Chapter 20 Frequently Asked Questions

Chapter 21 Future Non-Dom Changes

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